Pune, India, Sept. 19, 2022 (GLOBE NEWSWIRE) -- The global Third-party logistics market size was USD 961.8 billion in 2020. The market is expected to grow from USD 976.2 billion in 2021 to USD 1,701.2 billion in 2028, exhibiting a CAGR of 8.26% during the forecast period. The availability of custom-made services and the rising adoption of advanced technologies are expected to bolster market growth. Fortune Business Insights™ provides this information in its report titled “Third-party Logistics Market, 2021-2028.”
Third-party logistics is a business process where companies outsource logistics functionality and distribution to service providers. The rising awareness regarding the product’s benefits is expected to boost its demand. The availability of custom-made services is expected to boost the product adoption. It reduces the cost of operations such as freight & forwarding, transportation, warehousing, and assembly services. In addition, the incorporation of advanced technologies is expected to boost the product’s adoption. These factors may propel market development.
Industry Development
May 2021: DSV (Danish-based logistics service provider) recently acquired Agility. This acquisition will improve DSV’s Air & Sea sector and provide top-quality services to clients in Asia Pacific.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 8.26% |
| 2028 Value Projection | USD 1,701.2 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 976.2 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 150 |
| Segments covered | Mode of Transportation, Service Type, Industry, and Region are Studied |
| Growth Drivers | Incorporation of Warehouse Projects and Solutions in Supply Chain to Disrupt Market Progress in Asia Pacific |
| Rapid Development in E-commerce to Bolster Market Development |
Regional Insights
Incorporation of Warehouse Projects and Solutions in Supply Chain to Disrupt Market Progress in Asia Pacific
Asia Pacific is expected to dominate the Third-party logistics market share due to the incorporation of warehouse projects and solutions in the supply chain. The market in Asia Pacific stood at USD 483.6 billion in 2020 and is expected to gain a huge portion of the global market share. Further, logistics and transport companies' collaboration is expected to bolster market progress.
In North America, partnership among logistics service providers, joint ventures, and the incorporation of new services are expected to bolster market development.
In Europe, the growing e-commerce, food & groceries industry, and rising adoption of advanced technology are expected to propel Third-party logistics adoption. In addition, the rising adoption of sharing economy and rising focus on truck platooning is expected to bolster market development.
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Market Drivers
Rapid Development in E-commerce to Bolster Market Development
Significant developments in the e-commerce business are expected to boost Third-party logistics’ adoption. The rising demand for instant and timely delivery is expected to rise with the Internet of Things (IoT) adoption globally. Furthermore, the rising demand for 3PL service providers in tier 3-5 cities is expected to boost adoption. Moreover, significant government investments in the adoption and development of such services are expected to boost industry development. For example, Belt and Road Initiative in China is expected to boost logistics services infrastructure investments. These factors may drive the Third-party logistics market growth.
| Segmentation | By Mode of Transportation
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By Service Type
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By Industry
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Competitive Landscape
Companies Expand Footprint to Enhance Market Reach
Prominent companies operating in the market adopt expansion strategies to enhance their footprint. For example, in October 2021, Nippon Express established its Belgrade Branch to expand logistics services, expand its footprint, and meet diversifying logistics demand in Central and Eastern Europe. This strategy may enable the companies to expand their market expansion. Further, the adoption of mergers, partnerships, acquisitions, and research and development may boost market position.
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Companies Profiled in the Third-party Logistics Market Research Report:
- DHL Group (Bonn, Germany)
- Kuehne + Nagel (Schindellegi, Switzerland)
- C.H. Robinson (Minnesota, U.S.)
- Ceva Logistics (Marseille, France)
- FedEx Corporation (Tennessee, U.S.)
- Nippon Express (Tokyo, Japan)
- DB Schenker (Essen, Germany)
- UPS (Georgia, U.S.)
- JB Hunt (Arkansas, U.S.)
- Panalpina (Basel, Switzerland)
FREQUENTLY ASKED QUESTIONS
1. Who has the best Third-party Logistics?
DHL Group, Kuehne + Nagel, C.H. Robinson, Ceva Logistics, FedEx Corporation, Nippon Express, DB Schenker, UPS, JB Hunt, Panalpina
2. How big is the Third-party Logistics market?
Fortune Business Insights says that the global market size was USD 976.2 Billion in 2021 and is projected to reach USD 1,701.2 Billion by 2028.
3. Which region held the highest share in the market?
APAC Third-party Logistics Market Size, 2020
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2 Distribution Analysis
4.3 Porter’s Five Forces Analysis
4.4 PEST Analysis
4.5 Technological Developments
4.6 Impact of COVID-19
5. Global Third-party Logistics Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Mode Of Transportation
5.2.1 Railways
5.2.2 Airways
5.2.3 Roadways
5.2.4 Seaways
5.3. Market Analysis, Insights and Forecast – By Service Type
5.3.1 Dedicated Contract Carriage (DCC)
5.3.2 Domestic Transportation Management
5.3.3 International Transportation Management
5.3.4 Value added warehousing & distribution
5.4. Market Analysis, Insights and Forecast – By Industry
5.4.1 Technological
5.4.2 Automotive
5.4.3 Retailing
5.4.4 Manufacturing
5.4.5 Logistics
5.5. Market Analysis, Insights and Forecast – By Region
5.5.1 North America
5.5.2 Europe
5.5.3 Asia Pacific
5.5.4 Rest of the World
Continued…
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